Three Retail Trends to Watch
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Haverty's Furniture just opened its 35k SF showroom in Alliance Town Center last week and the Corner Bakery's first Denton location opens in Q4. Both are deals by SRS Real Estate Partners’ Mark Reeder and Ryan Johnson, who share three top trends they're seeing in retail:
1) Finding Value in Empty Parking Spots
Mark (EVP and market leader) and Ryan (newly promoted to SVP today) tell us big box clients like JCPenney and Target often don’t need the sea of excess parking spaces that the cities require them to have. To generate income while disposing of the excess space, the duo is selectively selling pad sites to restaurants in the parking lots. It creates a symbiotic relationship between the restaurant and the retail giant, Mark says. Already, the duo have sold a Target pad site across from Quail Springs Mall in Oklahoma City to a Corner Bakery Cafe franchisee and it's under construction. Another site in Orem, Utah, is being developed for Taco Bell. There’s a lot of interest in these pad sites locally, too, he says.